The ECB'S Easing Policy Has Four Advantages For The Renminbi.

< p > according to the relevant data, in 2013, the GDP in the euro area decreased by 0.4%, and in the 28 EU countries GDP increased by 0.1% in 2013.

In the fourth quarter of 2013, the euro area GDP increased by 0.2%, less than expected to increase by 0.3%.

The GDP value of the euro zone increased by 0.5% in the fourth quarter.

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Zong Liang P, deputy director of the International Finance Research Institute, said yesterday in an interview with the Securities Daily reporter that this means that the eurozone is likely to face another dilemma of recession again, "[-1.87%."

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Less than P, in 2013, the euro area unemployment rate has been hovering around 12%, which is the highest among the various economic regions in the world, which is also not conducive to the recovery of the euro area economy.

The euro area inflation rate fell for the three consecutive month this year. In March, the euro area inflation rate at an annual rate was 0.5%, the lowest level in four years, far below the 2% warning line set by ECB to maintain price stability.

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< p > especially in recent years, the euro has shown a significant trend of appreciation. Zong Liang said that this has affected exports. In order to stabilize market confidence and stimulate economic growth, it is reasonable to launch quantitative easing policy.

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< p > Li Jianfeng, chief strategist of finance securities, "a href=" //www.sjfzxm.com/news/index_c.asp "," /a "yesterday told reporters that the ECB's intention to further relax monetary policy is to face deflation risk. On the other hand, the continued strengthening of the euro affects the export of the euro area, thereby dragging the recovery process of the euro area.

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< p > for the potential relaxation of the euro zone < a href= "//www.sjfzxm.com/news/index_c.asp" > monetary policy < /a >, Li Jianfeng pointed out that China's monetary policy is difficult to follow.

First, although the price index continues to wander, there is still a risk of inflation in the latter part. Two, although the economic growth rate will decline significantly in the first quarter, the stabilization of the economic situation in the two quarter will become a big probability event under the impetus of a series of policy arrangements. Under the condition of Steady Fiscal Policy, monetary policy needs only to maintain the current situation.

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In addition, according to the government work report on the goal arrangement of "a href=" "//www.sjfzxm.com/news/index_c.asp" > currency < /a > this year, the monetary environment will remain stable, the focus of the monetary policy is not the scale, but the structural adjustment and industrial optimization with the fiscal policy.

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< p > Zong Liang also pointed out that the implementation of the new QE policy in Europe will have some impact on China's monetary policy, but the overall impact is not great.

Generally speaking, it is conducive to stabilizing China's market liquidity, reducing the pressure of capital outflow, reducing the possibility of RMB depreciation and increasing the fluctuation of exchange rate, and easing liquidity in European market will increase the vitality of the European market and promote our export.

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"P" also has some advantages for the construction of RMB offshore market in Europe.

Of course, the implementation of quantitative easing policy in the euro area will also exacerbate the pressure of capital flows. China should stick to a prudent monetary policy, strengthen capital flow detection, maintain reasonable liquidity and lower interest rates, and realize the basic stability of the RMB exchange rate under the two-way fluctuation.

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Gao Liankui, director of world economy at Chongyang Finance Research Institute, Renmin University of China, told reporters yesterday that the possible changes in the monetary policy of the euro area had little impact on China's monetary policy, and to a certain extent, alleviate the domestic shortage of money, but it should not be overestimated. P

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